UK inflation rate hits 40-year high in May

The rate of inflation in the UK hit its highest point in 40 years in May as prices for food, energy and fuel continued to climb, new data shows.

The Consumer Prices Index (CPI) rose by 9.1 percent in the 12 months to May 2022, up from 9 percent in April, according to data from the Office for National Statistics (ONS).

The increase was in line with expectations from economists polled by Reuters.

ONS chief economist Grant Fitzner said: “Though still at historically high levels, the annual inflation rate was little changed in May.”

He said that “continued steep food price rises and record high petrol prices were offset by clothing costs rising by less than this time last year, and a drop in often fluctuating computer games prices”.